How to Survive an Audit

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With the Internal Revenue Service being severely underfunded, the odds are low that your federal tax return will be audited. After losing about a quarter of its enforcement staff amid recent budget cuts, the agency's capacity is the lowest it's been in a decade, per U.S. News & World Report.

The chance of an audit is under 1 percent on average -- but soars to nearly 35 percent in the uppermost income brackets, according to a breakdown by the nonprofit Tax Foundation. But if you are among the unlucky ones who open the mailbox and find a notice of audit, Certified Financial Planner Kimberly Foss has some tips for you.